Bharat Overseas Bank slashes interest rates for deposits,
loans
Our Banking Bureau
4 June 2003
Chennai:
In line with the
Indian government's preference to reduce the interest
rates to critical sectors such as agriculture and small-scale
industry (SSI), the Chennai-based Bharat Overseas Bank
(BOBL) has rationalised the interest rates to these two
sectors.
The revised interest
rates to agriculture and SSI sectors will be at PLR
(prime lending rate) minus 1 per cent for loans up to
Rs 25,000 and at PLR for advances above Rs 25,000 and
up to Rs 2.0 lakh.
For agricultural
advances above Rs 2.0 lakh, the interest rates will
be at PLR plus 2 per cent and for SSI the interest rates
will range from PLR to PLR plus 2 per cent based on
the risk rating.
BOBL has also
reduced the interest rates on deposits by 25 to 50 basis
points in different tenors. Presently the interest rates
on one year to less than three years is at 6 per cent
and for three years and above, the rate offered is 6.25
per cent.
